For the first time, a major country has started using Arbitrum, the platform’s product, to create a whole new kind of financial market for democratic and inclusive trading.
On June 24, Jon Ramvi, founder and CEO of blockchain startup Symfoni, which is funded by the Ethereum Foundation, said the Norwegian Government has announced that it is releasing a solution on the Ethereum network to create a new national financial product.
The platform will be built on top of Arbitrum, Ethereum’s leading layer 2 scaling solution. Basically, Arbitrum has the advantage of faster and cheaper transactions than the Ether mainnet, but still has the full security of the platform.
The new product will allow Norwegian citizens access to shares of companies that are not listed on the stock exchange. Shares will be minted into tokens with the Ethereum-based ERC1400 standard. This standard is a combination of ERC20 and ERC721. Metamask wallet parent company ConsenSys will contribute efforts to this development.
In addition, the Norwegian Government also set an ambition to launch another product called Ceramic. The platform is aimed at decentralized data storage and transmission, which will be used to process users’ personal data in compliance with the GDPR – General Data Protection Regulation.
Arbitrum is a highly appreciated project in the Layers array on Ethereum, especially with explosive growth after the mainnet with a funding round of $120 million, Arbitrum has become the leading layer 2 solution preferred by the community with thousands of combinations with many popular DeFi protocols such as Uniswap (UNI), Chainlink (LINK), Balancer Protocol, 1inch Network (1INCH), and Binance.
Arbitrum’s TVL now stands at $2.07 billion after growing 5.78% over the past week.
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